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RUSSIA: ECONOMY CONTRACTS 9.5 PERCENT
Russia's economy shrank by 9.5 percent in the first quarter of 2009, RIA Novosti reported April 23, citing a statement by an Economic Development Ministry official. Deputy economics minister Andrei Klepach said the decline was due to reduced investment, retail trade, and a construction slump of about 20 percent. Klepach said gross domestic product is expected to contract from 8.7 to 10 percent from April to June as compared to the same period in 2008, but that the Russian economy is "beginning to rebound."
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Russia: Economy Contracts 9.5 Percent
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